Bloomberg: Q3 crypto VC investment declines by 31.3% QoQ to $1.7B

The crypto industry saw $1.7 billion worth of venture capital investment in the third quarter (Q3), down 31.3% from the second quarter, Bloomberg reported, citing PitchBook data. The number of deals struck also fell by 25.3% to 392. Robert Le, a senior analyst at PitchBook, noted in a report that this is primarily due to macroeconomic factors such as increased volatility across markets and fears of a U.S. recession. Infrastructure projects, however, continued to be attractive to venture investors in Q3. Le expects more consolidation among crypto exchanges, custodians and infrastructure firms in the future.